Ab Variable Products Series Fund NPORT-P AB Intermediate Bond Portfolio (Mar 2021 report)

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

Portfolio of Investments

March 31, 2021 (unaudited)

	Principal Amount (000)		U.S. $ Value
CORPORATES - INVESTMENT GRADE – 33.4%
Industrial – 18.9%
Basic – 1.3%
Alpek SAB de CV 4.25%, 09/18/2029(a)	U.S.$	200	$	211,812
DuPont de Nemours, Inc. 4.205%, 11/15/2023		65		70,562
4.493%, 11/15/2025		65		73,564
Eastman Chemical Co. 3.80%, 03/15/2025		50		54,365
Glencore Funding LLC 4.125%, 05/30/2023(a)		58		61,967
Nutrition & Biosciences, Inc. 1.832%, 10/15/2027(a)		24		23,484
Suzano Austria GmbH 3.75%, 01/15/2031		17		17,551
				513,305
Capital Goods – 0.6%
General Electric Co. 3.45%, 05/01/2027		107		116,203
Raytheon Technologies Corp. 3.95%, 08/16/2025		90		100,023
Westinghouse Air Brake Technologies Corp. 3.20%, 06/15/2025		15		15,923
				232,149
Communications – Media – 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital 4.20%, 03/15/2028		7		7,723
4.80%, 03/01/2050		15		16,150
5.125%, 07/01/2049		23		25,964
Comcast Corp. 3.45%, 02/01/2050		38		39,031
4.15%, 10/15/2028		95		108,641
Cox Communications, Inc. 2.95%, 06/30/2023(a)		51		53,272
TWDC Enterprises 18 Corp. Series G 4.125%, 06/01/2044		73		83,271
ViacomCBS, Inc. 4.95%, 01/15/2031		22		25,988
				360,040
Communications - Telecommunications – 0.7%
AT&T, Inc. 2.75%, 06/01/2031		33		32,875
3.50%, 09/15/2053(a)		55		50,862
3.65%, 09/15/2059(a)		74		67,731
Verizon Communications, Inc. 3.40%, 03/22/2041		120		121,888
				273,356

1

	Principal Amount (000)		U.S. $ Value
Consumer Cyclical - Automotive – 1.1%
General Motors Co. 6.125%, 10/01/2025	U.S.$	25	$	29,450
6.80%, 10/01/2027		34		42,273
General Motors Financial Co., Inc. 4.30%, 07/13/2025		30		32,992
5.10%, 01/17/2024		109		120,590
5.25%, 03/01/2026		21		24,063
Harley-Davidson Financial Services, Inc. 3.35%, 06/08/2025(a)		128		134,359
Lear Corp. 3.50%, 05/30/2030		36		37,693
3.80%, 09/15/2027		13		14,175
				435,595
Consumer Cyclical - Other – 0.3%
Las Vegas Sands Corp. 2.90%, 06/25/2025		63		64,670
3.20%, 08/08/2024		10		10,426
3.90%, 08/08/2029		32		32,878
Marriott International, Inc./MD Series EE 5.75%, 05/01/2025		12		13,750
				121,724
Consumer Cyclical - Retailers – 0.9%
Advance Auto Parts, Inc. 1.75%, 10/01/2027		26		25,588
3.90%, 04/15/2030		38		41,269
AutoNation, Inc. 4.75%, 06/01/2030		14		16,134
Ralph Lauren Corp. 2.95%, 06/15/2030		122		126,058
Ross Stores, Inc. 4.70%, 04/15/2027		113		128,918
				337,967
Consumer Non-Cyclical – 4.5%
AbbVie, Inc. 2.95%, 11/21/2026		67		71,323
Altria Group, Inc. 3.40%, 05/06/2030		85		88,754
4.80%, 02/14/2029		26		29,838
Anheuser-Busch InBev Worldwide, Inc. 4.60%, 06/01/2060		73		82,713
5.55%, 01/23/2049		120		154,753
Banner Health 1.897%, 01/01/2031		30		28,475
BAT Capital Corp. 2.259%, 03/25/2028		128		125,889
2.726%, 03/25/2031		50		48,595
4.70%, 04/02/2027		55		61,958
Biogen, Inc. 4.05%, 09/15/2025		144		160,011
Cigna Corp. 3.75%, 07/15/2023		14		14,964
4.125%, 11/15/2025		45		50,201

2

	Principal Amount (000)		U.S. $ Value
4.375%, 10/15/2028	U.S.$	58	$	66,385
Coca-Cola Femsa SAB de CV 1.85%, 09/01/2032		150		137,297
2.75%, 01/22/2030		150		150,750
CVS Health Corp. 4.30%, 03/25/2028		8		9,081
5.05%, 03/25/2048		49		60,149
Takeda Pharmaceutical Co., Ltd. 4.40%, 11/26/2023		200		218,636
Tyson Foods, Inc. 3.95%, 08/15/2024		48		52,486
4.00%, 03/01/2026		12		13,308
Utah Acquisition Sub, Inc. 3.95%, 06/15/2026		85		93,709
Zimmer Biomet Holdings, Inc. 3.55%, 03/20/2030		25		26,761
				1,746,036
Energy – 5.8%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. 3.337%, 12/15/2027		58		62,056
Boardwalk Pipelines LP 3.40%, 02/15/2031		47		47,316
BP Capital Markets America, Inc. 2.939%, 06/04/2051		129		115,143
Cenovus Energy, Inc. 4.25%, 04/15/2027		12		12,978
5.375%, 07/15/2025		30		33,760
Chevron USA, Inc. 3.85%, 01/15/2028		30		33,442
3.90%, 11/15/2024		107		117,883
5.25%, 11/15/2043		60		78,143
Enbridge Energy Partners LP 7.375%, 10/15/2045		70		100,274
Energy Transfer Operating LP 4.75%, 01/15/2026		175		194,337
6.25%, 04/15/2049		14		16,513
Enterprise Products Operating LLC 3.70%, 02/15/2026		161		176,735
Husky Energy, Inc. 4.40%, 04/15/2029		132		141,030
Kinder Morgan, Inc. 3.15%, 01/15/2023		150		156,562
Marathon Oil Corp. 3.85%, 06/01/2025		19		20,389
6.80%, 03/15/2032		100		124,284
Marathon Petroleum Corp. 5.125%, 12/15/2026		30		34,969
6.50%, 03/01/2041		18		23,865
ONEOK, Inc. 4.00%, 07/13/2027		87		94,385
4.35%, 03/15/2029		57		62,145
6.35%, 01/15/2031		27		33,875
Plains All American Pipeline LP/PAA Finance Corp. 3.55%, 12/15/2029		8		7,999
4.50%, 12/15/2026		25		27,448

3

	Principal Amount (000)		U.S. $ Value
4.65%, 10/15/2025	U.S.$	57	$	62,568
Saudi Arabian Oil Co. 2.25%, 11/24/2030(a)		225		215,899
Suncor Energy, Inc. 6.80%, 05/15/2038		59		80,510
TransCanada PipeLines Ltd. 6.10%, 06/01/2040		91		119,695
Valero Energy Corp. 2.70%, 04/15/2023		78		80,988
				2,275,191
Services – 0.4%
Booking Holdings, Inc. 4.625%, 04/13/2030		104		120,886
Mastercard, Inc. 3.30%, 03/26/2027		48		52,781
				173,667
Technology – 1.9%
Apple, Inc. 2.40%, 08/20/2050		86		74,970
Broadcom Corp./Broadcom Cayman Finance Ltd. 3.50%, 01/15/2028		21		22,296
Broadcom, Inc. 3.50%, 02/15/2041(a)		58		55,565
4.11%, 09/15/2028		72		78,613
4.15%, 11/15/2030		126		135,950
5.00%, 04/15/2030		46		52,427
Dell International LLC/EMC Corp. 6.02%, 06/15/2026(a)		78		92,295
Infor, Inc. 1.75%, 07/15/2025(a)		34		34,326
Micron Technology, Inc. 4.185%, 02/15/2027		111		123,262
NXP BV/NXP Funding LLC/NXP USA, Inc. 2.70%, 05/01/2025(a)		17		17,834
Oracle Corp. 3.95%, 03/25/2051		68		70,208
				757,746
Transportation - Airlines – 0.5%
Delta Air Lines, Inc./SkyMiles IP Ltd. 4.50%, 10/20/2025(a)		39		41,938
4.75%, 10/20/2028(a)		46		50,049
Southwest Airlines Co. 5.25%, 05/04/2025		80		91,016
				183,003
				7,409,779
Financial Institutions – 13.2%
Banking – 10.3%
American Express Co. Series B

4

	Principal Amount (000)		U.S. $ Value
3.622% (LIBOR 3 Month + 3.43%), 05/15/2021(b) (c)	U.S.$	8	$	8,001
Series C 3.469% (LIBOR 3 Month + 3.29%), 06/15/2021(b) (c)		32		31,810
Australia & New Zealand Banking Group Ltd. 4.40%, 05/19/2026(a)		200		224,048
Banco de Credito del Peru 3.125%, 07/01/2030(a)		87		86,856
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand 5.375%, 04/17/2025(a)		150		168,420
Banco Santander SA 2.749%, 12/03/2030		200		190,142
3.49%, 05/28/2030		200		208,984
Bank of America Corp. Series DD 6.30%, 03/10/2026(b)		27		30,958
Series L 3.95%, 04/21/2025		124		135,935
Series Z 6.50%, 10/23/2024(b)		41		46,042
Bank of New York Mellon Corp. (The) Series G 4.70%, 09/20/2025(b)		17		18,427
Barclays Bank PLC 6.86%, 06/15/2032(a) (b)		29		40,092
BNP Paribas SA 1.323%, 01/13/2027(a)		200		195,782
Capital One Financial Corp. 2.60%, 05/11/2023		68		70,761
3.30%, 10/30/2024		135		145,566
Series E 3.991% (LIBOR 3 Month + 3.80%), 06/01/2021(b) (c)		44		43,980
CIT Group, Inc. 5.25%, 03/07/2025		56		63,128
Citigroup, Inc. 4.45%, 09/29/2027		83		93,350
5.95%, 01/30/2023(b)		55		57,722
Series Q 4.289% (LIBOR 3 Month + 4.10%), 05/15/2021(b) (c)		90		89,878
Series R 4.672% (LIBOR 3 Month + 4.48%), 05/15/2021(b) (c)		27		27,034
Series W 4.00%, 12/10/2025(b)		37		37,319
Cooperatieve Rabobank UA 4.375%, 08/04/2025		250		276,997
Credit Suisse Group AG 3.80%, 06/09/2023		265		281,250

5

	Principal Amount (000)		U.S. $ Value
Fifth Third Bancorp Series L 4.50%, 09/30/2025(b)	U.S.$	24	$	25,546
HSBC Holdings PLC 4.25%, 08/18/2025		203		223,399
JPMorgan Chase & Co. 2.083%, 04/22/2026		67		68,820
3.54%, 05/01/2028		74		80,674
Series I 3.682% (LIBOR 3 Month + 3.47%), 04/30/2021(b) (c)		36		35,881
Series V 3.558% (LIBOR 3 Month + 3.32%), 07/01/2021(b) (c)		18		17,859
Series Z 4.005% (LIBOR 3 Month + 3.80%), 05/01/2021(b) (c)		51		51,032
Morgan Stanley 3.591%, 07/22/2028		186		202,690
3.737%, 04/24/2024		75		79,705
5.00%, 11/24/2025		37		42,522
Series H 3.851% (LIBOR 3 Month + 3.61%), 07/15/2021(b) (c)		10		9,992
Series J 4.051% (LIBOR 3 Month + 3.81%), 04/15/2021(b) (c)		93		93,032
Santander Holdings USA, Inc. 4.40%, 07/13/2027		41		45,323
Standard Chartered PLC 1.722% (LIBOR 3 Month + 1.51%), 01/30/2027(a) (b) (c)		100		93,785
State Street Corp. 2.901%, 03/30/2026		11		11,711
Truist Financial Corp. Series Q 5.10%, 03/01/2030(b)		81		88,332
US Bancorp Series J 5.30%, 04/15/2027(b)		63		68,986
Wells Fargo & Co. 2.188%, 04/30/2026		62		63,960
3.75%, 01/24/2024		110		118,942
3.90%, 03/15/2026(b)		33		33,358
				4,028,031
Brokerage – 0.3%
Charles Schwab Corp. (The) Series G 5.375%, 06/01/2025(b)		44		48,644
Series I 4.00%, 06/01/2026(b)		72		73,118
				121,762

6

	Principal Amount (000)			U.S. $ Value
Finance – 1.8%
Air Lease Corp. 2.875%, 01/15/2026		U.S.$	22	$	22,770
3.625%, 04/01/2027			8		8,449
3.875%, 07/03/2023			6		6,380
4.25%, 02/01/2024			25		27,116
Aircastle Ltd. 2.85%, 01/26/2028(a)			88		83,937
4.125%, 05/01/2024			18		19,016
4.25%, 06/15/2026			7		7,371
4.40%, 09/25/2023			41		43,709
5.00%, 04/01/2023			4		4,265
5.25%, 08/11/2025(a)			47		51,208
Aviation Capital Group LLC 1.95%, 01/30/2026(a)			46		44,822
2.875%, 01/20/2022(a)			10		10,142
3.50%, 11/01/2027(a)			17		17,479
3.875%, 05/01/2023(a)			38		39,695
4.125%, 08/01/2025(a)			2		2,130
4.375%, 01/30/2024(a)			14		14,889
4.875%, 10/01/2025(a)			20		21,829
5.50%, 12/15/2024(a)			46		51,561
GE Capital European Funding Unlimited Co. 4.625%, 02/22/2027		EUR	50		73,207
Synchrony Financial 4.50%, 07/23/2025		U.S.$	147		162,822
					712,797
Insurance – 0.6%
Alleghany Corp. 3.625%, 05/15/2030			95		102,435
Centene Corp. 4.25%, 12/15/2027			14		14,716
4.625%, 12/15/2029			16		17,321
Nationwide Mutual Insurance Co. 9.375%, 08/15/2039(a)			35		56,854
Voya Financial, Inc. 5.65%, 05/15/2053			31		33,103
					224,429
REITS – 0.2%
Host Hotels & Resorts LP Series D 3.75%, 10/15/2023			6		6,332
Rexford Industrial Realty LP 2.125%, 12/01/2030			72		67,257
					73,589
					5,160,608

7

	Principal Amount (000)		U.S. $ Value
Utility – 1.3%
Electric – 1.3%
Colbun SA 3.15%, 03/06/2030(a)	U.S.$	200	$	204,625
Enel Chile SA 4.875%, 06/12/2028		68		78,561
Israel Electric Corp., Ltd. Series 6 5.00%, 11/12/2024(a)		200		225,145
				508,331
Total Corporates - Investment Grade (cost $12,542,769)				13,078,718
COMMERCIAL MORTGAGE-BACKED SECURITIES – 15.9%
Non-Agency Fixed Rate CMBS – 12.5%
BAMLL Commercial Mortgage Securities Trust Series 2013-WBRK, Class D 3.534%, 03/10/2037(a)		110		98,627
Banc of America Commercial Mortgage Trust Series 2015-UBS7, Class AS 3.989%, 09/15/2048		100		109,228
CCUBS Commercial Mortgage Trust Series 2017-C1, Class A4 3.544%, 11/15/2050		155		169,601
CFCRE Commercial Mortgage Trust Series 2016-C4, Class A4 3.283%, 05/10/2058		115		124,359
Series 2016-C4, Class AM 3.691%, 05/10/2058		45		48,141
CGRBS Commercial Mortgage Trust Series 2013-VN05, Class A 3.369%, 03/13/2035(a)		260		271,112
Citigroup Commercial Mortgage Trust Series 2015-GC27, Class A5 3.137%, 02/10/2048		144		153,352
Series 2015-GC35, Class A4 3.818%, 11/10/2048		55		60,537
Series 2016-C1, Class A4 3.209%, 05/10/2049		192		206,431
Series 2016-GC36, Class A5 3.616%, 02/10/2049		65		71,066
Commercial Mortgage Trust Series 2013-SFS, Class A1 1.873%, 04/12/2035(a)		31		30,896
Series 2014-UBS3, Class A4 3.819%, 06/10/2047		130		140,886
Series 2014-UBS5, Class A4 3.838%, 09/10/2047		130		141,593
Series 2014-UBS6, Class AM 4.048%, 12/10/2047		45		48,865
Series 2015-CR24, Class A5 3.696%, 08/10/2048		65		71,379
Series 2015-DC1, Class A5 3.35%, 02/10/2048		80		86,110

8

	Principal Amount (000)		U.S. $ Value
CSAIL Commercial Mortgage Trust Series 2015-C2, Class A4 3.504%, 06/15/2057	U.S.$	100	$	107,941
Series 2015-C3, Class A4 3.718%, 08/15/2048		117		127,094
Series 2015-C4, Class A4 3.808%, 11/15/2048		215		235,855
GS Mortgage Securities Trust Series 2013-G1, Class A2 3.557%, 04/10/2031(a)		136		132,418
Series 2014-GC22, Class A5 3.862%, 06/10/2047		77		83,522
Series 2015-GC28, Class A5 3.396%, 02/10/2048		95		102,370
Series 2018-GS9, Class A4 3.992%, 03/10/2051		75		83,904
GSF Series 2021-1, Class A1 1.433%, 08/15/2026(d) (e) (f)		7		6,990
Series 2021-1, Class A2 2.435%, 08/15/2026(d) (e) (f)		10		10,300
Series 2021-1, Class AS 2.638%, 08/15/2026(d) (e) (f)		3		3,090
JPMBB Commercial Mortgage Securities Trust Series 2014-C21, Class A5 3.775%, 08/15/2047		100		107,915
Series 2014-C22, Class XA 0.829%, 09/15/2047(g)		2,500		59,282
Series 2014-C24, Class C 4.407%, 11/15/2047		110		106,295
Series 2015-C30, Class A5 3.822%, 07/15/2048		65		71,472
Series 2015-C31, Class A3 3.801%, 08/15/2048		195		213,182
JPMorgan Chase Commercial Mortgage Securities Trust Series 2012-C6, Class D 5.142%, 05/15/2045		110		100,189
Series 2012-C6, Class E 5.142%, 05/15/2045(a)		132		85,224
LB-UBS Commercial Mortgage Trust Series 2006-C6, Class AJ 5.452%, 09/15/2039		24		13,710
LSTAR Commercial Mortgage Trust Series 2016-4, Class A2 2.579%, 03/10/2049(a)		140		141,927
Morgan Stanley Capital I Trust Series 2016-UB12, Class A4 3.596%, 12/15/2049		100		108,720
UBS Commercial Mortgage Trust Series 2018-C10, Class A4 4.313%, 05/15/2051		125		141,821
Series 2018-C8, Class A4 3.983%, 02/15/2051		100		110,910
Series 2018-C9, Class A4 4.117%, 03/15/2051		125		139,572

9

	Principal Amount (000)		U.S. $ Value
UBS-Barclays Commercial Mortgage Trust Series 2012-C4, Class A5 2.85%, 12/10/2045	U.S.$	112	$	115,481
Wells Fargo Commercial Mortgage Trust Series 2015-SG1, Class A4 3.789%, 09/15/2048		95		102,312
Series 2016-C35, Class XA 1.922%, 07/15/2048(g)		938		70,592
Series 2016-LC25, Class C 4.417%, 12/15/2059		85		89,335
Series 2016-NXS6, Class C 4.316%, 11/15/2049		100		104,318
WF-RBS Commercial Mortgage Trust Series 2013-C11, Class XA 1.17%, 03/15/2045(a) (g)		1,219		20,935
Series 2014-C19, Class A5 4.101%, 03/15/2047		130		141,358
Series 2014-C24, Class AS 3.931%, 11/15/2047		110		116,429
				4,886,646
Non-Agency Floating Rate CMBS – 3.4%
Ashford Hospitality Trust Series 2018-KEYS, Class A 1.106% (LIBOR 1 Month + 1.00%), 06/15/2035(a) (c)		100		99,908
Atrium Hotel Portfolio Trust Series 2018-ATRM, Class A 1.056% (LIBOR 1 Month + 0.95%), 06/15/2035(a) (c)		100		99,968
BAMLL Commercial Mortgage Securities Trust Series 2017-SCH, Class AF 1.106% (LIBOR 1 Month + 1.00%), 11/15/2033(a) (c)		185		180,590
BBCMS Mortgage Trust Series 2020-BID, Class A 2.246% (LIBOR 1 Month + 2.14%), 10/15/2037(a) (c)		71		71,356
BHMS Series 2018-ATLS, Class A 1.356% (LIBOR 1 Month + 1.25%), 07/15/2035(a) (c)		81		80,999
BX Trust Series 2018-EXCL, Class A 1.194% (LIBOR 1 Month + 1.09%), 09/15/2037(a) (c)		86		83,620
CLNY Trust Series 2019-IKPR, Class D 2.131% (LIBOR 1 Month + 2.03%), 11/15/2038(a) (c)		65		63,209
DBWF Mortgage Trust Series 2018-GLKS, Class A 1.14% (LIBOR 1 Month + 1.03%), 12/19/2030(a) (c)		100		99,939

10

	Principal Amount (000)		U.S. $ Value
Federal Home Loan Mortgage Corp. Series 2021-MN1, Class M1 2.017%, 01/25/2051(a) (c)	U.S.$	19	$	18,991
Great Wolf Trust Series 2019-WOLF, Class A 1.14% (LIBOR 1 Month + 1.03%), 12/15/2036(a) (c)		111		110,866
GS Mortgage Securities Corp. Trust Series 2019-BOCA, Class A 1.306% (LIBOR 1 Month + 1.20%), 06/15/2038(a) (c)		115		115,120
Series 2019-SMP, Class A 1.256% (LIBOR 1 Month + 1.15%), 08/15/2032(a) (c)		100		99,940
Invitation Homes Trust Series 2018-SFR2, Class C 1.386% (LIBOR 1 Month + 1.28%), 06/17/2037(a) (c)		100		100,264
JPMorgan Chase Commercial Mortgage Securities Trust Series 2020-NNN, Class EFL 1.956% (LIBOR 1 Month + 1.85%), 01/16/2037(a) (c)		6		6,146
Starwood Retail Property Trust Series 2014-STAR, Class A 1.576% (LIBOR 1 Month + 1.47%), 11/15/2027(a) (c)		174		127,686
				1,358,602
Total Commercial Mortgage-Backed Securities (cost $6,180,239)				6,245,248
MORTGAGE PASS-THROUGHS – 13.1%
Agency Fixed Rate 30-Year – 11.2%
Federal Home Loan Mortgage Corp. Series 2019 3.50%, 10/01/2049-11/01/2049		199		212,988
Series 2020 3.50%, 01/01/2050		94		101,494
Federal Home Loan Mortgage Corp. Gold Series 2005 5.50%, 01/01/2035		45		52,110
Series 2007 5.50%, 07/01/2035		14		16,498
Series 2016 4.00%, 02/01/2046		125		138,481
Series 2017 4.00%, 07/01/2044		96		105,952
Series 2018 4.50%, 10/01/2048-11/01/2048		199		219,610
5.00%, 11/01/2048		50		56,552
Federal National Mortgage Association Series 2003 5.50%, 04/01/2033-07/01/2033		43		49,255
Series 2004 5.50%, 04/01/2034-11/01/2034		38		43,849

11

	Principal Amount (000)			U.S. $ Value
Series 2005 5.50%, 02/01/2035	U.S.$	44		$	50,695
Series 2010 4.00%, 12/01/2040		56			61,943
Series 2012 3.50%, 02/01/2042-01/01/2043		171			185,055
Series 2013 3.50%, 04/01/2043		84			91,099
4.00%, 10/01/2043		223			246,065
Series 2018 3.50%, 04/01/2048-05/01/2048		700			750,438
4.50%, 09/01/2048		174			192,316
Series 2019 3.50%, 09/01/2049-11/01/2049		337			360,592
Series 2020 3.50%, 01/01/2050		88			94,339
Government National Mortgage Association Series 1994 9.00%, 09/15/2024		0	**		235
Series 2016 3.00%, 04/20/2046		113			119,611
Uniform Mortgage-Backed Security Series 2021 2.00%, 04/01/2051, TBA		415			413,736
2.50%, 04/01/2051, TBA		785			804,932
					4,367,845
Agency Fixed Rate 15-Year – 1.9%
Federal National Mortgage Association Series 2016 2.50%, 07/01/2031-01/01/2032		712			743,985
Total Mortgage Pass-Throughs (cost $4,921,065)					5,111,830
COLLATERALIZED MORTGAGE OBLIGATIONS – 11.7%
Risk Share Floating Rate – 9.1%
Bellemeade Re Ltd. Series 2018-3A, Class M1B 1.959% (LIBOR 1 Month + 1.85%), 10/25/2028(a) (c)		82			82,310
Series 2019-4A, Class M1B 2.109% (LIBOR 1 Month + 2.00%), 10/25/2029(a) (c)		150			150,201
Series 2020-4A, Class M2A 2.709% (LIBOR 1 Month + 2.60%), 06/25/2030(a) (c)		150			150,000
Connecticut Avenue Securities Trust
Series 2018-R07, Class 1M2 2.509% (LIBOR 1 Month + 2.40%), 04/25/2031(a) (c)		24			24,130
Series 2019-HRP1, Class M2 2.259% (LIBOR 1 Month + 2.15%), 11/25/2039(a) (c)		82			81,090
Series 2019-R02, Class 1M2 2.409% (LIBOR 1 Month + 2.30%), 08/25/2031(a) (c)		30			30,473

12

	Principal Amount (000)		U.S. $ Value
Series 2019-R03, Class 1M2 2.259% (LIBOR 1 Month + 2.15%), 09/25/2031(a) (c)	U.S.$	49	$	48,907
Series 2019-R04, Class 2M2 2.209% (LIBOR 1 Month + 2.10%), 06/25/2039(a) (c)		49		49,303
Series 2019-R05, Class 1M2 2.109% (LIBOR 1 Month + 2.00%), 07/25/2039(a) (c)		42		41,838
Series 2019-R06, Class 2M2 2.209% (LIBOR 1 Month + 2.10%), 09/25/2039(a) (c)		67		67,537
Series 2019-R07, Class 1M2 2.209% (LIBOR 1 Month + 2.10%), 10/25/2039(a) (c)		69		68,994
Series 2020-R01, Class 1M2 2.159% (LIBOR 1 Month + 2.05%), 01/25/2040(a) (c)		130		129,811
Series 2020-R02, Class 2M2 2.109% (LIBOR 1 Month + 2.00%), 01/25/2040(a) (c)		100		99,688
Eagle Re Ltd. Series 2020-1, Class M1A 1.009% (LIBOR 1 Month + 0.90%), 01/25/2030(a) (c)		150		149,568
Series 2020-2, Class M1B 4.109% (LIBOR 1 Month + 4.00%), 10/25/2030(a) (c)		150		152,337
Federal Home Loan Mortgage Corp. Structured Agency Credit Risk Debt Notes Series 2019-DNA3, Class M2 2.159% (LIBOR 1 Month + 2.05%), 07/25/2049(a) (c)		75		74,671
Series 2019-DNA4, Class M2 2.059% (LIBOR 1 Month + 1.95%), 10/25/2049(a) (c)		77		76,607
Series 2019-FTR2, Class M2 2.259% (LIBOR 1 Month + 2.15%), 11/25/2048(a) (c)		115		113,983
Series 2019-HQA1, Class M2 2.459% (LIBOR 1 Month + 2.35%), 02/25/2049(a) (c)		65		65,265
Series 2020-DNA1, Class M2 1.809% (LIBOR 1 Month + 1.70%), 01/25/2050(a) (c)		110		109,188
Series 2020-DNA2, Class M2 1.959% (LIBOR 1 Month + 1.85%), 02/25/2050(a) (c)		60		59,767
Series 2020-DNA5, Class M2 2.817%, 10/25/2050(a) (c)		70		70,405
Federal National Mortgage Association Connecticut Avenue Securities Series 2014-C04, Class 1M2

13

	Principal Amount (000)		U.S. $ Value
5.009% (LIBOR 1 Month + 4.90%), 11/25/2024(c)	U.S.$	52	$	53,614
Series 2014-C04, Class 2M2 5.109% (LIBOR 1 Month + 5.00%), 11/25/2024(c)		16		16,551
Series 2015-C01, Class 1M2 4.409% (LIBOR 1 Month + 4.30%), 02/25/2025(c)		38		38,298
Series 2015-C01, Class 2M2 4.659% (LIBOR 1 Month + 4.55%), 02/25/2025(c)		8		7,582
Series 2015-C02, Class 1M2 4.109% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		40		40,446
Series 2015-C02, Class 2M2 4.109% (LIBOR 1 Month + 4.00%), 05/25/2025(c)		21		20,812
Series 2015-C03, Class 1M2 5.109% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		44		44,785
Series 2015-C03, Class 2M2 5.109% (LIBOR 1 Month + 5.00%), 07/25/2025(c)		19		19,464
Series 2015-C04, Class 1M2 5.809% (LIBOR 1 Month + 5.70%), 04/25/2028(c)		66		70,397
Series 2016-C01, Class 1M2 6.859% (LIBOR 1 Month + 6.75%), 08/25/2028(c)		79		83,591
Series 2016-C02, Class 1M2 6.109% (LIBOR 1 Month + 6.00%), 09/25/2028(c)		60		62,975
Series 2016-C03, Class 2M2 6.009% (LIBOR 1 Month + 5.90%), 10/25/2028(c)		45		48,001
Series 2016-C05, Class 2M2 4.559% (LIBOR 1 Month + 4.45%), 01/25/2029(c)		51		53,330
Series 2016-C06, Class 1M2 4.359% (LIBOR 1 Month + 4.25%), 04/25/2029(c)		89		93,128
Series 2017-C01, Class 1M2 3.659% (LIBOR 1 Month + 3.55%), 07/25/2029(c)		69		71,335
Series 2017-C02, Class 2M2C 3.759% (LIBOR 1 Month + 3.65%), 09/25/2029(c)		68		69,784
Series 2017-C04, Class 2M2 2.959% (LIBOR 1 Month + 2.85%), 11/25/2029(c)		39		38,973
Oaktown Re V Ltd. Series 2020-2A, Class M1B 3.709% (LIBOR 1 Month + 3.60%), 10/25/2030(a) (c)		150		152,370

14

	Principal Amount (000)		U.S. $ Value
PMT Credit Risk Transfer Trust Series 2019-1R, Class A 2.128% (LIBOR 1 Month + 2.00%), 03/27/2024(a) (c)	U.S.$	47	$	44,707
Series 2019-2R, Class A 2.865% (LIBOR 1 Month + 2.75%), 05/27/2023(a) (c)		74		72,763
Series 2019-3R, Class A 2.815% (LIBOR 1 Month + 2.70%), 10/27/2022(a) (c)		40		40,466
Radnor Re Ltd. Series 2020-1, Class M1A 1.059% (LIBOR 1 Month + 0.95%), 02/25/2030(a) (c)		150		150,016
Series 2020-1, Class M2A 2.109% (LIBOR 1 Month + 2.00%), 02/25/2030(a) (c)		150		145,305
STACR Trust Series 2018-DNA3, Class M2 2.209% (LIBOR 1 Month + 2.10%), 09/25/2048 (a) (c)		31		30,462
Triangle Re Ltd. Series 2020-1, Class M1B 4.009% (LIBOR 1 Month + 3.90%), 10/25/2030 (a) (c)		150		152,415
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.359% (LIBOR 1 Month + 5.25%), 11/25/2025(c) (f)		22		21,275
Series 2015-WF1, Class 2M2 5.609% (LIBOR 1 Month + 5.50%), 11/25/2025(c) (f)		10		9,450
				3,548,368
Agency Floating Rate – 1.1%
Federal Home Loan Mortgage Corp. REMICs Series 4981, Class HS 5.991% (6.10% - LIBOR 1 Month), 06/25/2050 (c) (h)		426		72,236
Federal National Mortgage Association REMICs Series 2011-131, Class ST 6.431% (6.54% - LIBOR 1 Month), 12/25/2041(c) (h)		107		21,260
Series 2015-90, Class SL 6.041% (6.15% - LIBOR 1 Month), 12/25/2045(c) (h)		214		50,767
Series 2016-77, Class DS 5.891% (6.00% - LIBOR 1 Month), 10/25/2046(c) (h)		179		38,289
Series 2017-26, Class TS 5.841% (5.95% - LIBOR 1 Month), 04/25/2047(c) (h)		209		50,416
Series 2017-62, Class AS

15

	Principal Amount (000)		U.S. $ Value
6.041% (6.15% - LIBOR 1 Month), 08/25/2047(c) (h)	U.S.$	206	$	43,271
Series 2017-81, Class SA 6.091% (6.20% - LIBOR 1 Month), 10/25/2047(c) (h)		212		49,908
Series 2017-97, Class LS 6.091% (6.20% - LIBOR 1 Month), 12/25/2047(c) (h)		227		56,446
Government National Mortgage Association Series 2017-134, Class SE 6.089% (6.20% - LIBOR 1 Month), 09/20/2047(c) (h)		149		29,818
Series 2017-65, Class ST 6.039% (6.15% - LIBOR 1 Month), 04/20/2047(c) (h)		194		42,557
				454,968
Agency Fixed Rate – 0.7%
Federal Home Loan Mortgage Corp. REMICs Series 4976, Class MI 4.50%, 05/25/2050(g)		305		55,560
Series 5015, Class BI 4.00%, 09/25/2050(g)		228		42,110
Series 5049, Class CI 3.50%, 12/25/2050(g)		246		36,835
Federal National Mortgage Association Grantor Trust Series 2004-T5, Class AB4 0.67%, 05/28/2035		50		48,227
Federal National Mortgage Association REMICs Series 2020-89, Class KI 4.00%, 12/25/2050 (g)		483		80,096
				262,828
Non-Agency Fixed Rate – 0.6%
Alternative Loan Trust Series 2005-20CB, Class 3A6 5.50%, 07/25/2035		11		10,108
Series 2006-24CB, Class A16 5.75%, 08/25/2036		52		40,693
Series 2006-28CB, Class A14 6.25%, 10/25/2036		38		28,029
Series 2006-J1, Class 1A13 5.50%, 02/25/2036		24		21,972
Chase Mortgage Finance Trust Series 2007-S5, Class 1A17 6.00%, 07/25/2037		18		12,547
Countrywide Home Loan Mortgage Pass-Through Trust Series 2006-10, Class 1A8 6.00%, 05/25/2036		24		17,043
Series 2006-13, Class 1A19 6.25%, 09/25/2036		12		8,263

16

	Principal Amount (000)			U.S. $ Value
First Horizon Alternative Mortgage Securities Trust Series 2006-FA3, Class A9 6.00%, 07/25/2036		U.S.$	39	$	27,091
JPMorgan Alternative Loan Trust Series 2006-A3, Class 2A1 3.604%, 07/25/2036			75		64,842
					230,588
Non-Agency Floating Rate – 0.2%
Deutsche Alt-A Securities Mortgage Loan Trust Series 2006-AR4, Class A2 0.489% (LIBOR 1 Month + 0.38%), 12/25/2036(c)			104		51,269
HomeBanc Mortgage Trust Series 2005-1, Class A1 0.609% (LIBOR 1 Month + 0.50%), 03/25/2035(c)			25		22,558
					73,827
Total Collateralized Mortgage Obligations (cost $4,600,150)					4,570,579
INFLATION-LINKED SECURITIES – 8.9%
Canada – 0.9%
Canadian Government Real Return Bond 0.50%, 12/01/2050		CAD	85		72,568
1.50%, 12/01/2044			287		291,506
					364,074
United States – 8.0%
U.S. Treasury Inflation Index 0.125%, 01/15/2031 (TIPS)		U.S.$	80		86,482
0.25%, 01/15/2025 (TIPS)			2,021		2,194,438
0.375%, 07/15/2025 (TIPS)			674		741,737
0.75%, 07/15/2028 (TIPS)			94		106,860
					3,129,517
Total Inflation-Linked Securities (cost $3,414,203)					3,493,591
CORPORATES - NON-INVESTMENT GRADE – 4.2%
Industrial – 2.9%
Basic – 0.3%
Ingevity Corp. 3.875%, 11/01/2028 (a)			65		63,046
Sealed Air Corp. 4.00%, 12/01/2027 (a)			47		48,045
					111,091
Capital Goods – 0.3%
GFL Environmental, Inc. 3.50%, 09/01/2028 (a)			62		60,059

17

	Principal Amount (000)		U.S. $ Value
TransDigm, Inc. 6.25%, 03/15/2026 (a)	U.S.$	50	$	53,007
				113,066
Communications - Media – 0.4%
Cable One, Inc. 4.00%, 11/15/2030 (a)		37		36,588
CSC Holdings LLC 6.75%, 11/15/2021		30		30,862
Netflix, Inc. 5.875%, 11/15/2028		83		100,428
				167,878
Communications - Telecommunications – 0.3%
Lumen Technologies, Inc. 4.50%, 01/15/2029 (a)		60		58,547
T-Mobile USA, Inc. 2.625%, 04/15/2026		17		17,238
2.875%, 02/15/2031		41		39,633
3.375%, 04/15/2029		18		18,212
				133,630
Consumer Cyclical - Automotive – 0.2%
Allison Transmission, Inc. 3.75%, 01/30/2031 (a)		61		59,234
Consumer Cyclical - Entertainment – 0.5%
Mattel, Inc. 3.375%, 04/01/2026(a)		32		32,752
3.75%, 04/01/2029(a)		32		32,235
Royal Caribbean Cruises Ltd. 10.875%, 06/01/2023(a)		43		49,458
11.50%, 06/01/2025(a)		73		85,119
				199,564
Consumer Cyclical - Other – 0.3%
Hilton Domestic Operating Co., Inc. 4.00%, 05/01/2031 (a)		100		99,928
Consumer Cyclical - Restaurants – 0.2%
1011778 BC ULC/New Red Finance, Inc. 3.50%, 02/15/2029 (a)		77		74,883
Consumer Cyclical - Retailers – 0.1%
Levi Strauss & Co. 3.50%, 03/01/2031 (a)		42		40,552
Consumer Non-Cyclical – 0.2%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC 3.50%, 03/15/2029 (a)		41		38,978
Newell Brands, Inc. 4.70%, 04/01/2026		33		36,395
4.875%, 06/01/2025		8		8,831

18

	Principal Amount (000)		U.S. $ Value
Spectrum Brands, Inc. 5.75%, 07/15/2025	U.S.$	5	$	5,160
				89,364
Energy – 0.1%
Transocean Poseidon Ltd. 6.875%, 02/01/2027 (a)		33		30,425
				1,119,615
Financial Institutions – 1.3%
Banking – 0.9%
Credit Suisse Group AG 7.50%, 07/17/2023 (a) (b)		200		211,304
Discover Financial Services Series D 6.125%, 06/23/2025 (b)		127		140,904
				352,208
Finance – 0.4%
Navient Corp. 6.625%, 07/26/2021		95		96,799
SLM Corp. 4.20%, 10/29/2025		68		71,386
				168,185
				520,393
Total Corporates - Non-Investment Grade (cost $1,610,448)				1,640,008
ASSET-BACKED SECURITIES – 3.5%
Autos - Fixed Rate – 1.6%
Avis Budget Rental Car Funding AESOP LLC Series 2016-1A, Class A 2.99%, 06/20/2022(a)		50		50,181
Series 2018-2A, Class A 4.00%, 03/20/2025(a)		105		113,820
Exeter Automobile Receivables Trust Series 2016-3A, Class D 6.40%, 07/17/2023(a)		100		101,046
Series 2017-1A, Class D 6.20%, 11/15/2023(a)		100		102,432
Series 2017-3A, Class C 3.68%, 07/17/2023(a)		53		53,491
First Investors Auto Owner Trust Series 2020-1A, Class A 1.49%, 01/15/2025 (a)		30		30,515
Flagship Credit Auto Trust Series 2016-4, Class D 3.89%, 11/15/2022 (a)		122		123,337
Hertz Vehicle Financing II LP Series 2017-1A, Class A 2.96%, 10/25/2021(a)		20		19,793
Series 2019-1A, Class A

19

	Principal Amount (000)		U.S. $ Value
3.71%, 03/25/2023(a)	U.S.$	16	$	15,903
Hertz Vehicle Financing LLC Series 2018-2A, Class A 3.65%, 06/27/2022 (a)		20		19,867
				630,385
Other ABS - Fixed Rate – 1.5%
Affirm Asset Securitization Trust Series 2020-A, Class A 2.10%, 02/18/2025(a)		100		101,068
Series 2021-A, Class C 1.66%, 08/15/2025(a)		100		100,421
Hardee’s Funding LLC Series 2018-1A, Class A23 5.71%, 06/20/2048(a)		37		40,694
Series 2020-1A, Class A2 3.981%, 12/20/2050(a)		85		87,849
Marlette Funding Trust Series 2018-4A, Class A 3.71%, 12/15/2028(a)		1		777
Series 2019-3A, Class A 2.69%, 09/17/2029(a)		18		17,892
Series 2020-1A, Class A 2.24%, 03/15/2030(a)		52		52,671
Neighborly Issuer LLC Series 2021-1A, Class A2 3.584%, 04/30/2051 (a)		33		33,424
SoFi Consumer Loan Program LLC Series 2017-4, Class B 3.59%, 05/26/2026(a)		130		131,556
Series 2017-5, Class A2 2.78%, 09/25/2026(a)		16		16,182
				582,534
Credit Cards - Fixed Rate – 0.4%
World Financial Network Credit Card Master Trust Series 2018-B, Class M 3.81%, 07/15/2025		70		70,994
Series 2019-B, Class M 3.04%, 04/15/2026		80		82,066
				153,060
Home Equity Loans - Floating Rate – 0.0%
ABFC Trust Series 2003-WF1, Class A2 1.234% (LIBOR 1 Month + 1.13%), 12/25/2032 (c)		13		12,821
Total Asset-Backed Securities (cost $1,355,339)				1,378,800

20

	Principal Amount (000)			U.S. $ Value
GOVERNMENTS - TREASURIES – 2.0%
Malaysia – 0.3%
Malaysia Government Bond Series 117 3.882%, 03/10/2022		MYR	474	$	116,365
United States – 1.7%
U.S. Treasury Bonds 1.875%, 02/15/2051		U.S.$	250		220,977
U.S. Treasury Notes 0.625%, 08/15/2030			134		121,354
0.875%, 11/15/2030(i)			356		328,966
					671,297
Total Governments - Treasuries (cost $815,229)					787,662
LOCAL GOVERNMENTS - US MUNICIPAL BONDS – 1.5%
United States – 1.5%
Port Authority of New York & New Jersey Series 2020A 1.086%, 07/01/2023			50		50,745
State Board of Administration Finance Corp. Series 2020A 1.705%, 07/01/2027			80		80,294
State of California 5.70%, 11/01/2021			65		67,067
Series 2010 7.625%, 03/01/2040			200		320,734
Tobacco Settlement Finance Authority/WV 3.00%, 06/01/2035			55		56,469
Total Local Governments - US Municipal Bonds (cost $454,817)					575,309
EMERGING MARKETS - TREASURIES – 1.3%
Brazil – 1.3%
Brazil Notas do Tesouro Nacional Series F 10.00%, 01/01/2023 (cost $532,857)		BRL	2,647		495,188
EMERGING MARKETS - CORPORATE BONDS – 0.3%
Industrial – 0.3%
Basic – 0.1%
Volcan Cia Minera SAA 4.375%, 02/11/2026 (a)		U.S.$	19		19,380
Capital Goods – 0.2%
Embraer Netherlands Finance BV 5.40%, 02/01/2027			85		88,606
					107,986

21

	Principal Amount (000)			U.S. $ Value
Utility – 0.0%
Electric – 0.0%
Terraform Global Operating LLC 6.125%, 03/01/2026 (f)		U.S.$	5	$	5,125
Total Emerging Markets - Corporate Bonds (cost $109,113)					113,111
QUASI-SOVEREIGNS – 0.1%
Quasi-Sovereign Bonds – 0.1%
Mexico – 0.1%
Petroleos Mexicanos 6.75%, 09/21/2047			50		42,510
6.84%, 01/23/2030			17		17,189
Total Quasi-Sovereigns (cost $60,940)					59,699
GOVERNMENTS - SOVEREIGN BONDS – 0.1%
Uruguay – 0.1%
Uruguay Government International Bond 4.375%, 01/23/2031 (cost $20,827)			18		20,997
SHORT-TERM INVESTMENTS – 5.4%
U.S. Treasury Bills – 4.8%
U.S. Treasury Bill Zero Coupon, 04/27/2021 (cost $1,879,983)			1,880		1,879,979
	Shares
Investment Companies – 0.6%
AB Fixed Income Shares, Inc. - Government Money Market Portfolio - Class AB, 0.01%(j) (k) (l) (cost $220,589)			220,589		220,589
Total Short-Term Investments (cost $2,100,572)					2,100,568
Total Investments – 101.4% (cost $38,718,568)(m)					39,671,308
Other assets less liabilities – (1.4)%					(538,944	)
Net Assets – 100.0%				$	39,132,364

FUTURES

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
Purchased Contracts
Euro Buxl 30 Yr Bond Futures		3		June 2021		$	724,869		$	(4,858	)
Euro-Bund Futures		3		June 2021			602,580			630
U.S. 10 Yr Ultra Futures		8		June 2021			1,149,500			(7,089	)
U.S. T-Note 2 Yr (CBT) Futures		19		June 2021			4,193,805			(1,054	)

22

Description	Number of Contracts		Expiration Month		Current Notional			Value and Unrealized Appreciation/ (Depreciation)
U.S. Ultra Bond (CBT) Futures		19		June 2021		$	3,443,156		$	(127,309	)
Sold Contracts
10 Yr Canadian Bond Futures		7		June 2021			772,969			(4,212	)
Long Gilt Futures		9		June 2021			1,583,059			20,060
U.S. T-Note 5 Yr (CBT) Futures		12		June 2021			1,480,781			7,618
									$	(116,214	)

FORWARD CURRENCY EXCHANGE CONTRACTS

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
Bank of America, NA		BRL	518		USD	91		04/05/2021		$	(1,414	)
Bank of America, NA		USD	91		BRL	518		04/05/2021			1,109
Barclays Bank PLC		AUD	1,015		USD	774		06/04/2021			2,987
BNP Paribas SA		CAD	1,281		USD	1,009		04/22/2021			(10,095	)
Citibank, NA		BRL	5,518		USD	1,007		04/05/2021			26,943
Citibank, NA		USD	969		BRL	5,518		04/05/2021			11,813
Citibank, NA		IDR	1,452,699		USD	100		04/15/2021			28
Citibank, NA		KRW	7,263		USD	7		04/22/2021			223
Citibank, NA		USD	17		BRL	96		05/04/2021			111
Citibank, NA		JPY	63,357		USD	598		05/20/2021			25,394
Goldman Sachs Bank USA		USD	401		RUB	29,948		05/25/2021			(7,450	)
HSBC Bank USA		USD	105		IDR	1,475,444		04/15/2021			(4,212	)
HSBC Bank USA		USD	820		CHF	739		05/06/2021			(37,860	)
HSBC Bank USA		USD	557		JPY	61,085		05/20/2021			(5,511	)
Morgan Stanley Capital Services, Inc.		USD	552		BRL	3,116		05/04/2021			1,059
Morgan Stanley Capital Services, Inc.		NZD	1,082		USD	784		05/27/2021			28,649
Morgan Stanley Capital Services, Inc.		MYR	497		USD	120		09/23/2021			617
State Street Bank & Trust Co.		USD	107		ZAR	1,612		04/08/2021			2,633
State Street Bank & Trust Co.		ZAR	1,605		USD	103		04/08/2021			(5,304	)
State Street Bank & Trust Co.		GBP	61		USD	85		04/09/2021			839
State Street Bank & Trust Co.		USD	43		GBP	31		04/09/2021			(417	)
State Street Bank & Trust Co.		USD	1		SEK	5		04/15/2021			(29	)
State Street Bank & Trust Co.		MXN	2,056		USD	96		04/16/2021			(4,987	)
State Street Bank & Trust Co.		USD	100		MXN	2,066		04/16/2021			1,085
State Street Bank & Trust Co.		CAD	371		USD	294		04/22/2021			(1,267	)
State Street Bank & Trust Co.		USD	121		CAD	153		04/22/2021			1,313
State Street Bank & Trust Co.		CHF	13		USD	15		05/06/2021			569
State Street Bank & Trust Co.		USD	22		CHF	20		05/06/2021			(408	)
State Street Bank & Trust Co.		JPY	252		USD	2		05/20/2021			19
State Street Bank & Trust Co.		EUR	843		USD	1,006		05/27/2021			17,066
State Street Bank & Trust Co.		NZD	30		USD	22		05/27/2021			846
State Street Bank & Trust Co.		NZD	27		USD	19		05/27/2021			(70	)
State Street Bank & Trust Co.		USD	28		EUR	24		05/27/2021			(435	)

23

Counterparty	Contracts to Deliver (000)			In Exchange For (000)			Settlement Date		Unrealized Appreciation/ (Depreciation)
State Street Bank & Trust Co.		AUD	28		USD	21		06/04/2021		$	(31	)
UBS AG		BRL	6,036		USD	1,059		04/05/2021			(12,922	)
UBS AG		USD	1,053		BRL	6,036		04/05/2021			19,785
UBS AG		BRL	6,036		USD	1,051		05/04/2021			(19,358	)
										$	31,318

CENTRALLY CLEARED CREDIT DEFAULT SWAPS

Description	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2021			Notional Amount (000)			Market Value		Upfront Premiums Paid (Received)			Unrealized Appreciation/ (Depreciation)
Sale Contracts
Morgan Stanley & Co. LLC
CDX-NAHY Series 33, 5 Year Index, 12/20/2024*		5.00	%		Quarterly		5.00	%		USD	352	$	33,653	$	(30,747	)	$	64,400
CDX-NAHY Series 34, 5 Year Index, 06/20/2025*		5.00			Quarterly		5.00			USD	178		16,599		8,453			8,146
												$	50,252	$	(22,294	)	$	72,546

* Termination date

CENTRALLY CLEARED INTEREST RATE SWAPS

			Rate Type
Notional Amount (000)		Termination Date	Payments made by the Fund	Payments received by the Fund	Payment Frequency Paid/ Received	Market Value			Upfront Premiums Paid (Received)		Unrealized Appreciation/ (Depreciation)
SEK	15,600	08/30/2024	3 Month STIBOR	(0.165)%	Quarterly/Annual	$	(20,172	)	$	10	$	(20,182	)
USD	130	09/27/2029	1.593%	3 Month LIBOR	Semi-Annual/ Quarterly		653			—		653
USD	250	12/13/2029	1.764%	3 Month LIBOR	Semi-Annual/ Quarterly		(3,009	)		—		(3,009	)
EUR	290	11/10/2050	0.022%	6 Month EURIBOR	Annual/Semi-Annual		44,404			2,233		42,171
EUR	290	11/10/2050	6 Month EURIBOR	(0.043)%	Semi-Annual/Annual		(50,814	)		—		(50,814	)
CAD	235	03/03/2051	2.297%	3 Month CDOR	Semi-Annual		9,883			9		9,874
CAD	240	03/04/2051	2.333%	3 Month CDOR	Semi-Annual		8,605			—		8,605
						$	(10,450	)	$	2,252	$	(12,702	)

24

CREDIT DEFAULT SWAPS

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
Buy Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)%		Monthly		5.80	%		USD	7		$	770			$	1,408			$	(638	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	7			769				1,409				(640	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	119			13,087				23,446				(10,359	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	128			14,044				26,092				(12,048	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	298			32,770				59,246				(26,476	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	595			65,381				120,524				(55,143	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	51			5,604				8,846				(3,242	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	68			7,461				13,718				(6,257	)
Morgan Stanley & Co. International PLC
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	27			2,967				5,239				(2,272	)
CDX-CMBX.NA.BBB- Series 9, 09/17/2058*		(3.00	)		Monthly		5.80			USD	54			5,934				11,023				(5,089	)
Sale Contracts
Citigroup Global Markets, Inc.
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	1			(269	)			(156	)			(113	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	1			(269	)			(125	)			(144	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	2			(539	)			(234	)			(305	)

25

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		12.50	%		USD	3		$	(808	)		$	(369	)		$	(439	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	4			(1,078	)			(515	)			(563	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	4			(1,078	)			(418	)			(660	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	5			(1,347	)			(556	)			(791	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	6			(1,616	)			(763	)			(853	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	7			(1,886	)			(1,013	)			(873	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	6			(1,616	)			(739	)			(877	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	6			(1,617	)			(702	)			(915	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(1,054	)			(1,101	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	7			(1,886	)			(778	)			(1,108	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(985	)			(1,170	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	9			(2,425	)			(978	)			(1,447	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	9			(2,425	)			(959	)			(1,466	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	12			(3,233	)			(1,249	)			(1,984	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	14			(3,771	)			(1,521	)			(2,250	)
Credit Suisse International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	28			(7,543	)			(1,879	)			(5,664	)

26

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		12.50	%		USD	56		$	(15,081	)		$	(8,064	)		$	(7,017	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	94			(25,324	)			(5,903	)			(19,421	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	318			(85,719	)			(12,628	)			(73,091	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	350			(94,290	)			(19,662	)			(74,628	)
Deutsche Bank AG
CDX-CMBX.NA.A Series 6, 05/11/2063*		2.00			Monthly		8.17			USD	135			(10,633	)			(2,563	)			(8,070	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(910	)			(1,245	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(446	)			(1,709	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	27			(7,274	)			(2,997	)			(4,277	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	28			(7,543	)			(3,109	)			(4,434	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	51			(13,739	)			(6,238	)			(7,501	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	132			(35,560	)			(8,980	)			(26,580	)
Goldman Sachs International
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	4			(1,078	)			(590	)			(488	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	4			(1,078	)			(348	)			(730	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(767	)			(1,388	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	8			(2,155	)			(709	)			(1,446	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	14			(3,772	)			(1,743	)			(2,029	)

27

Swap Counterparty & Referenced Obligation	Fixed Rate (Pay) Receive			Payment Frequency		Implied Credit Spread at March 31, 2021			Notional Amount (000)			Market Value				Upfront Premiums Paid (Received)				Unrealized Appreciation/ (Depreciation)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00	%		Monthly		12.50	%		USD	16		$	(4,311	)		$	(1,677	)		$	(2,634	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	28			(7,541	)			(4,442	)			(3,099	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	39			(10,504	)			(6,277	)			(4,227	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	41			(11,045	)			(5,416	)			(5,629	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	49			(13,201	)			(4,110	)			(9,091	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	57			(15,356	)			(5,895	)			(9,461	)
JPMorgan Securities, LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	9			(2,424	)			(1,115	)			(1,309	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	18			(4,848	)			(2,162	)			(2,686	)
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	51			(13,735	)			(6,071	)			(7,664	)
Morgan Stanley Capital Services LLC
CDX-CMBX.NA.BBB- Series 6, 05/11/2063*		3.00			Monthly		12.50			USD	35			(9,429	)			(2,396	)			(7,033	)
													$	(291,034	)		$	140,740			$	(431,774	)

* Termination date

** Principal amount less than 500.

(a) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities are considered restricted, but liquid and may be resold in transactions exempt from registration, normally to qualified institutional buyers. At March 31, 2021, the aggregate market value of these securities amounted to $9,875,469 or 25.2% of net assets.

(b) Securities are perpetual and, thus, do not have a predetermined maturity date. The date shown, if applicable, reflects the next call date.

(c) Floating Rate Security. Stated interest/floor/ceiling rate was in effect at March 31, 2021.

(d) Fair valued by the Adviser.

(e) Security in which significant unobservable inputs (Level 3) were used in determining fair value.

28

(f) Security is exempt from registration under Rule 144A of the Securities Act of 1933. These securities, which represent 0.14% of net assets as of March 31, 2021, are considered illiquid and restricted. Additional information regarding such securities follows:

144A/Restricted & Illiquid Securities	Acquisition Date		Cost		Market Value		Percentage of Net Assets
GSF Series 2021-1, Class A1 1.433%, 08/15/2026		02/25/2021	$	6,990	$	6,990		0.02	%
GSF Series 2021-1, Class A2 2.435%, 08/15/2026		02/25/2021		10,296		10,300		0.03	%
GSF Series 2021-1, Class AS 2.638%, 08/15/2026		02/25/2021		3,088		3,090		0.01	%
Terraform Global Operating LLC 6.125%, 03/01/2026		02/08/2018		5,000		5,125		0.01	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 1M2 5.359%, 11/25/2025		09/28/2015		21,727		21,275		0.05	%
Wells Fargo Credit Risk Transfer Securities Trust Series 2015-WF1, Class 2M2 5.609%, 11/25/2025		09/28/2015		9,518		9,450		0.02	%

(g) IO - Interest Only.

(h) Inverse interest only security.

(i) Position, or a portion thereof, has been segregated to collateralize OTC derivatives outstanding.

(j) Affiliated investments.

(k) To obtain a copy of the fund’s shareholder report, please go to the Securities and Exchange Commission’s website at www.sec.gov, or call AB at (800) 227-4618.

(l) The rate shown represents the 7-day yield as of period end.

(m) As of March 31, 2021, the cost basis of investment securities owned was substantially identical for both book and tax purposes. Gross unrealized appreciation of investments was $1,749,967 and gross unrealized depreciation of investments was $(1,254,053), resulting in net unrealized appreciation of $495,914.

Currency Abbreviations:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

CHF – Swiss Franc

EUR – Euro

GBP – Great British Pound

IDR – Indonesian Rupiah

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

MYR – Malaysian Ringgit

NZD – New Zealand Dollar

RUB – Russian Ruble

SEK – Swedish Krona

USD – United States Dollar

ZAR – South African Rand

Glossary:

ABS – Asset-Backed Securities

CBT – Chicago Board of Trade

CDOR – Canadian Dealer Offered Rate

CDX-CMBX.NA – North American Commercial Mortgage-Backed Index

CDX-NAHY – North American High Yield Credit Default Swap Index

CMBS – Commercial Mortgage-Backed Securities

29

EURIBOR – Euro Interbank Offered Rate

LIBOR – London Interbank Offered Rate

REIT – Real Estate Investment Trust

REMICs – Real Estate Mortgage Investment Conduits

STIBOR – Stockholm Interbank Offered Rate

TBA – To Be Announced

TIPS – Treasury Inflation Protected Security

30

AB Variable Products Series Fund, Inc.

AB Intermediate Bond Portfolio

March 31, 2021 (unaudited)

In accordance with U.S. GAAP regarding fair value measurements, fair value is defined as the price that the Portfolio would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. U.S. GAAP establishes a framework for measuring fair value, and a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability (including those valued based on their market values). Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Portfolio. Unobservable inputs reflect the Portfolio’s own assumptions about the assumptions that market participants would use in pricing the asset or liability based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below.

• Level 1 - quoted prices in active markets for identical investments

• Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)

• Level 3 - significant unobservable inputs (including the Portfolio’s own assumptions in determining the fair value of investments)

The fair value of debt instruments, such as bonds, and over-the-counter derivatives is generally based on market price quotations, recently executed market transactions (where observable) or industry recognized modeling techniques and are generally classified as Level 2. Pricing vendor inputs to Level 2 valuations may include quoted prices for similar investments in active markets, interest rate curves, coupon rates, currency rates, yield curves, option adjusted spreads, default rates, credit spreads and other unique security features in order to estimate the relevant cash flows which is then discounted to calculate fair values. If these inputs are unobservable and significant to the fair value, these investments will be classified as Level 3. In addition, non-agency rated investments are classified as Level 3.

Other fixed income investments, including non-U.S. government and corporate debt, are generally valued using quoted market prices, if available, which are typically impacted by current interest rates, maturity dates and any perceived credit risk of the issuer. Additionally, in the absence of quoted market prices, these inputs are used by pricing vendors to derive a valuation based upon industry or proprietary models which incorporate issuer specific data with relevant yield/spread comparisons with more widely quoted bonds with similar key characteristics. Those investments for which there are observable inputs are classified as Level 2. Where the inputs are not observable, the investments are classified as Level 3.

Where readily available market prices or relevant bid prices are not available for certain equity investments, such investments may be valued based on similar publicly traded investments, movements in relevant indices since last available prices or based upon underlying company fundamentals and comparable company data (such as multiples to earnings or other multiples to equity). Where an investment is valued using an observable input, by pricing vendors, such as another publicly traded security, the investment will be classified as Level 2. If management determines that an adjustment is appropriate based on restrictions on resale, illiquidity or uncertainty, and such adjustment is a significant component of the valuation, the investment will be classified as Level 3. An investment will also be classified as Level 3 where management uses company fundamentals and other significant inputs to determine the valuation.

31

Valuations of mortgage-backed or other asset backed securities, by pricing vendors, are based on both proprietary and industry recognized models and discounted cash flow techniques. Significant inputs to the valuation of these instruments are value of the collateral, the rates and timing of delinquencies, the rates and timing of prepayments, and default and loss expectations, which are driven in part by housing prices for residential mortgages. Significant inputs are determined based on relative value analyses, which incorporate comparisons to instruments with similar collateral and risk profiles, including relevant indices. Mortgage and asset backed securities for which management has collected current observable data through pricing services are generally categorized within Level 2. Those investments for which current observable data has not been provided are classified as Level 3.

The following table summarizes the valuation of the Portfolio’s investments by the above fair value hierarchy levels as of March 31, 2021:

Investments in Securities:	Level 1			Level 2			Level 3		Total
Assets:
Corporates - Investment Grade	$	—		$	13,078,718		$	—	$	13,078,718
Commercial Mortgage-Backed Securities		—			6,224,868			20,380		6,245,248
Mortgage Pass-Throughs		—			5,111,830			—		5,111,830
Collateralized Mortgage Obligations		—			4,570,579			—		4,570,579
Inflation-Linked Securities		—			3,493,591			—		3,493,591
Corporates - Non-Investment Grade		—			1,640,008			—		1,640,008
Asset-Backed Securities		—			1,378,800			—		1,378,800
Governments - Treasuries		—			787,662			—		787,662
Local Governments - US Municipal Bonds		—			575,309			—		575,309
Emerging Markets - Treasuries		—			495,188			—		495,188
Emerging Markets - Corporate Bonds		—			113,111			—		113,111
Quasi-Sovereigns		—			59,699			—		59,699
Governments - Sovereign Bonds		—			20,997			—		20,997
Short-Term Investments:
U.S. Treasury Bills		—			1,879,979			—		1,879,979
Investment Companies		220,589			—			—		220,589
Total Investments in Securities		220,589			39,430,339			20,380		39,671,308
Other Financial Instruments(a):
Assets:
Futures		28,308			—			—		28,308
Forward Currency Exchange Contracts		—			143,088			—		143,088
Centrally Cleared Credit Default Swaps		—			50,252			—		50,252
Centrally Cleared Interest Rate Swaps		—			63,545			—		63,545
Credit Default Swaps		—			148,787			—		148,787
Liabilities:
Futures		(144,522	)		—			—		(144,522	)
Forward Currency Exchange Contracts		—			(111,770	)		—		(111,770	)
Centrally Cleared Interest Rate Swaps		—			(73,995	)		—		(73,995	)
Credit Default Swaps		—			(439,821	)		—		(439,821	)
Total	$	104,375		$	39,210,425		$	20,380	$	39,335,180

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^(a)  Other financial instruments are derivative instruments, such as futures, forwards and swaps, which are valued at the unrealized appreciation/(depreciation) on the instrument. Other financial instruments may also include swaps with upfront premiums, options written and swaptions written which are valued at market value.

A summary of the Portfolio’s transactions in AB mutual funds for the three months ended March 31, 2021 is as follows:

Fund	Market Value 12/31/2020 (000)		Purchases at Cost (000)		Sales Proceeds (000)		Market Value 03/31/2021 (000)		Dividend Income (000)
Government Money Market Portfolio	$	765	$	5,513	$	6,057	$	221	$	0	*

* Amount less than $500.

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